Intermap Technologies Reports 2013 First Quarter Financial Results

• Published in: Canada NewsWire
• Format: Newsletter
• Language: English
• Published: Ottawa PR Newswire Association LLC 13.05.2013
• Subjects: Airborne radar; Customers; Data collection; Emergency preparedness; Financial performance; Infrastructure; Licenses; National security; Net losses; Operating costs; Proprietary; Resource management; Software; DENVER, May 13, 2013

"We showed a significant improvement in our year-over-year first quarter results, even though historically this quarter is a low revenue quarter for Intermap," said Todd Oseth, President & CEO of Intermap. "Our restructuring efforts over the past two years have resulted in significantly lower operating costs, creating a lower threshold for Intermap to achieve positive adjusted EBITDA." At the beginning of the first quarter Intermap announced a $14.5 million mapping services contract to provide digital 3D elevation models and imagery for areas in Southeast Asia using Intermap's proprietary airborne radar technology. These geospatial solutions will become the foundation data layer for an updated national spatial data infrastructure (SDI). The new dataset will be used for improved disaster planning, resource management, national security interests, infrastructure planning, and the provisioning of new 3D geospatial information applications, such as Intermap's RiskPro(TM) and WaterPro(TM) products. The airborne data acquisition portion of the project commenced during the first quarter of 2013 and the entire project is expected to be complete prior to year-end 2013. Certain information provided in this news release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast" and similar expressions are intended to identify such forward-looking statements. Although Intermap believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of known and unknown risks and uncertainties. You can find a discussion of such risks and uncertainties in our Annual Information Form and other securities filings. While the Company makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that the Company will derive therefrom. All subsequent forward-looking statements, whether written or oral, attributable to Intermap or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements made herein, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.